Each state should have its own body to which elder financial abuse can be reported, say the banks.
Federal, state and territory attorneys general on Friday agreed to look at options to standardise power of attorney orders across the country.
It followed a call earlier this year by the banking industry to create a national online register of the orders and a designated body to which bank staff can report suspected abuse.
Australian Banking Association CEO Anna Bligh said while the online register was a welcome step forward there was still much work to be done to better equip local bank branch staff to detect and report elder financial abuse.
"Local bank branch staff are on the frontline when it comes to detecting and reporting elder financial abuse, but currently their hands can be tied," Ms Bligh said.
"A national online register of power of attorney orders must be established as soon as possible following a standardising of orders ... as well as a designated body in each state to report elder financial abuse."
The ABA wants the issue resolved by the end of the year.
The register will ensure powers of attorney are valid, in a bid to prevent adult children impatient to get their hands on their inheritance stealing from vulnerable parents.
There is currently no way of checking whether power-of-attorney documents are valid.
The Council of Attorneys General gave the green light to work on a national plan to combat elder abuse.
The federal government announced funding for an online register in this year's budget.
Australian Associated Press